欧洲观点

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The Point for Europe

Wednesday, 19 August 2026

Top Call | Company | Industry | Strategy & Economics | Fixed Income & FX | Key Rating and Target Price

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Top Call

Must Read

Infracore SA (INFRACC.S) - Yield arbitrage into acquisition opportunity

Global Economic Outlook & Strategy We initiate coverage with a Buy rating and CHF64 target price (33% ETR). Infracore Renewed Uncertainties—But

Continued Resilience

SA is a unique pure-play company with a strategy of acquiring Swiss hospital

buildings primarily through sale-leaseback transactions with operators who often

seek asset sales to ease financial pressures. Infracore benefits from a stable, low

rate Swiss macro environment with EPS and dividend growth expected to be

driven from accretive acquisitions with a >350bps spread of borrowing costs and

acquisition yield. End user demand is expected to be robust amidst demographic

tailwinds and high barriers to entry. The primary growth driver of acquisitions is

supplemented by existing site densification and organic asset management. We

also estimate the potential for portfolio valuation gains.

Aaron Guy | Aakanksha Anand | Temitayo Olayinka

Company

Klarna Group Plc (KLAR.N) - Germany Drives the Guide Lower

KLAR’s 2Q26 TMD ($446M; +42% Y/Y) and adj. op profit were well-above

expectations but were partially supported by the German back-book sale

(~$28.2M estimated benefit; 1.22% reported TMD margin vs. 1.14% ex. sale).

Despite the large 2Q26 beat, 2H26 guidance was taken down across all KPIs

leaving more questions than answers. FY26 guidance was weaker than our

expectations with GMV and adj. op. profit lowered and TMD raised by just ~$23M

at the midpoint (vs. a $51M TMD beat in 2Q), due to weaker discretionary demand

in Germany (about 20% of revs where retail sales grew <1% in 1H) that has

continued into 3Q and a new $600M FX headwind. Importantly, KLAR’s 2H26 TMD

guidance of +23% would have been closer to +32% excluding the sale.

Bryan Keane

Industry

United Kingdom Supermarkets - UK Grocery Chart Pack: Jul/Aug-26

Worldpanel by Numerator today reports UK till roll sales +2.5% in P8 2026 (4w/e

9-Aug), after +3.3% in P7 and +2.5% prior 12wk average.…